Life Insurance for high risk individuals

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If aspects of our health and lifestyle could lead to an early death, insurers deem us high risk.

Perhaps you have a dangerous job, or you smoke. Certain choices you make in your life are assessed when you apply for Life Insurance. This information determines how much of a risk you are to insure, and your premium is set accordingly.

Generally speaking: the higher the risk, the more you’ll pay for insurance.

What risk factors can influence Life Insurance premiums?

Occupation. How you earn a living, and what dangers you face at work (if any) determines your level of risk. For example, a person who operates dangerous drilling equipment is likely to pay more than someone who performs clerical work.

Health. Those who suffer from particular pre-existing medical conditions (e.g. heart disease, cancer, diabetes) are typically deemed a higher risk than someone in good health. The same applies to anyone with dangerous habits, like smoking, drinking too much alcohol, or using drugs.

Lifestyle. Many of us enjoy an adventure. But for those who embrace dangerous sports and hobbies, you may find you need to pay for the privilege. For instance, if you’re into abseiling, bare-fist boxing, or enjoy extreme-skateboarding, chances are you’ll end up paying more for insurance than someone who enjoys the odd spot of fly-fishing!

It always pays to be honest when applying for insurance. The last thing you want to happen is for your claim to be declined at the worst possible time.

How to reduce risk in your life

Okay, so some things are out of your control (like a career change). And some health issues aren’t easily avoidable. In some cases, if you are considered too much of a risk, your application may be declined outright.

But there are things within your control that can reduce your level of risk.

Do you smoke? If you quit and maintain a smoke-free lifestyle for more than 12 months, you have a good shot at a cheaper premium. The same goes for obesity. Getting you back in the ‘healthy’ weight range has serious cost savings. In fact, certain insurers may reward those who make significant efforts to become healthy!

Comparing will also help you save

Comparing a range of Life Insurance brands is a great way to get a sense of what products are available, and what your premiums will cost. It also makes sure that – even if you’re risky to insure – you’re seeking out the best price for your situation.

We’re ready to help you compare Life Insurance quotes from many great value brands. Try it for yourself, and see if you’re able to get a better rate on your Life Cover.

The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.

We do not compare all life insurers or products in the market. Any advice given above is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances, and before you make any decision about whether to purchase a product, you should read the PDS for that product.

The Compare The Market website and trading name are owned by Compare The Market Pty Ltd ACN 117 323 378. We are an authorised representative of Lifebroker Pty Ltd AFSL 400209 in relation to products made available by Lifebroker.